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a lot of finger pointing and no answers as i said and just days remaining until tax increases and spending cuts all kick in and we all feel the pain. mike emanuel live with the news for us tonight on capitol hill. top democrats seem to be suggesting they cannot cut a deal without republican help. >> well, harris, that is right. and so they are asking what it will take to at least get some republican support. they say time is so critical. they cannot just roll out new legislation only to have the republicans reject it. we know president obama called the top four congressional leaders last night on his way back from hawaii. tomorrow afternoon at the white house will be a meeting between the president and those top four congressional leaders and earlier the top senate democrat expressed concern or frustration saying you cannot legislate with yourself. >> the republicans in the house have left town. the negotiations between the president and the speaker have fallen apart as they have for the last three and a half years. we have tried mightily to get something done. >> now, perhaps in an effort
a lot of finger pointing and no answers as i said and just days remaining until tax increases and spending cuts all kick in and we all feel the pain. mike emanuel live with the news for us tonight on capitol hill. top democrats seem to be suggesting they cannot cut a deal without republican help. >> well, harris, that is right. and so they are asking what it will take to at least get some republican support. they say time is so critical. they cannot just roll out new legislation only to...
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cuts in $41 in taxes. recognizing there will be trouble attracting support for the bill, vice president joe biden returned to capitol hill again today to encourage house democrats to support the compromise he negotiated. after the meeting, the house democratic leaders pushed for up-and-down vote on the package noting it's after the fiscal cliff deadline. >> taxes will go up on everybody in america if we don't act. those who are relying on unemployment insurance, million reconciliation relying up on unemployment insurance to support themselves and their families. if we don't act, we will be at risk. >> the leader emphasizeed bipartisan support up until now. >> a bill passed in the united states senate 89-8. tell me when you have had that on a measure as controversial as this. >> house republicans pushed for quick package arguing it's too late for amendments. >> too late in the game. a point in the deal where it's done, and we keep trying to tinker with it to make it perfect. >> the leadership team were not
cuts in $41 in taxes. recognizing there will be trouble attracting support for the bill, vice president joe biden returned to capitol hill again today to encourage house democrats to support the compromise he negotiated. after the meeting, the house democratic leaders pushed for up-and-down vote on the package noting it's after the fiscal cliff deadline. >> taxes will go up on everybody in america if we don't act. those who are relying on unemployment insurance, million reconciliation...
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to be the social security tax will be alternative minimum tax will be. it is like a third world country we are right to blame both parties in congress because they have to get their act together and get this done. >> i don't just blame both partys in congress i blame the president, too. this is about rolling up your sleeves making phone calls i remember whether it's lyndon johnson or bill clinton or ronald reagan they knew how to work the telephone. that's not happening here. >> it isn't. i think there's blame on both sides. one of the frustrations when i go to republican source on capitol hill they say the president is in the same place negotiation as he was 6 weeks ago that is to say you were right when there was spending problem. we are spending 1.2 trillion more than we take in. the amazing thing five, six weeks into the negotiations the president hasn't proposed a single spending cut. it is an amazing thing. >> this is what is so incredible. there isn't any discussion other than the blame game. i will talk about this later in the show the president
to be the social security tax will be alternative minimum tax will be. it is like a third world country we are right to blame both parties in congress because they have to get their act together and get this done. >> i don't just blame both partys in congress i blame the president, too. this is about rolling up your sleeves making phone calls i remember whether it's lyndon johnson or bill clinton or ronald reagan they knew how to work the telephone. that's not happening here. >> it...
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on the taxes, just on the taxes, as they are structured now, if you look at the tax deal, comparing it to what the re-knew you would get over ten years, it's roughly $600 billion that they get revenue coming in from the tax deal they are striking with the framework tonight. hurricane sandy recovery billion is $60.4 billion. it's about the same annually. >> preclintonnian tax and spend democratic philosophy. you take in $60 billion a year from the rich. and it's simply you spend half of that on unemployment insurance. the rest of is it spent on all the credits, tax credits which are going to be undone. which will be retaped. if a cliff is avoided and the deal was accepted. you take the money and you spend money. this would increase the debt and deficit. republicans have one choice in the house. i don't know if boehner is able to do it. we'll go over the cliff of midnight tonight. the rates will be at the high rate. the bush tax cut will be over. if boehner is smart and the republicans including the conservatives in the caucus are smart, they would accept that, because there is no way it
on the taxes, just on the taxes, as they are structured now, if you look at the tax deal, comparing it to what the re-knew you would get over ten years, it's roughly $600 billion that they get revenue coming in from the tax deal they are striking with the framework tonight. hurricane sandy recovery billion is $60.4 billion. it's about the same annually. >> preclintonnian tax and spend democratic philosophy. you take in $60 billion a year from the rich. and it's simply you spend half of...
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we are already seeing taxes go up across the board. you know the 3.8% obamacare tax and an increase most likely on those that earn $400,000 or more will go up quite a bit on a percentage basis. so we are going to see a slower economy, less money in the economy, and the stock market doesn't like that because corporations won't earn as much. everybody needs to put on their seatbelt because this will last for a longtime, even going into the debt conversation that will happen in about two months from now. things are a mess, and we need to get things straight eped out quickly. >> he is the managing partner at chap wood, happy new year. we will talk again soon. >> you too. take care. >>> new details emerging about the deadly september 11th attack on our consulate in libya. what we are now learning about the changes made to the talking points about the attack. plus, an oil rig trying to get out of the path of a major storm runs aground. this is off the coast of alaska. new information on the environmental threat up next. >>> welcome back. new
we are already seeing taxes go up across the board. you know the 3.8% obamacare tax and an increase most likely on those that earn $400,000 or more will go up quite a bit on a percentage basis. so we are going to see a slower economy, less money in the economy, and the stock market doesn't like that because corporations won't earn as much. everybody needs to put on their seatbelt because this will last for a longtime, even going into the debt conversation that will happen in about two months...
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katherine, why was this tax overturned? >> it was overturned because the court said it failed to rec recognize equality before public burden. what this means is it has been applied to individuals rather than households. the court knows this top rate would have applied to a married couple, for example, if one member was in that upper income bracket. well, if it turned just under, then the 75% rate would not apply. in essence, this was thrown out on a technicality. if was a poorly worded law that just didn't pass the constitutional barrier. >> you know, it is kind of confusing. the president actually campaigned on this75% tax. what happened, and will he try to get it reinstated? >> you are quite right. he made this a key platform of his manifesto. he has gone all out on this, and he even dressed up the tax as an act that the way france's rich could help during harsh economic times. he has not backed down and in fact in the last few hours the officials have said the law will be redrafted to conform with the court ruling and wi
katherine, why was this tax overturned? >> it was overturned because the court said it failed to rec recognize equality before public burden. what this means is it has been applied to individuals rather than households. the court knows this top rate would have applied to a married couple, for example, if one member was in that upper income bracket. well, if it turned just under, then the 75% rate would not apply. in essence, this was thrown out on a technicality. if was a poorly worded...
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as the guy that is the tax cutter. has he tored in the republicans -- factored in the republicans have control of the budget with the debt ceiling? >> i think the president is beginning to see the long-term consequences if we do increase taxes. we maybe ought to do a little celebrating here. democrats are now on board that 98% of bush's tax cuts were a good thing for america and for the economy. let's at least chalk that up as a win. i agree with senator toomey, right now unfortunately only president obama is the one man that can sign a bill into law and without him agreeing to sign a bill everybody's taxes go up. we are in a position of how do we limit the damage and i think the best way of doing that is continue to talk about what we need to do is grow the economy and that is something president obama hasn't shown any interest in doing. certainly hasn't concentrated on it in his first term. >> sean: and senator toomey, it is a little frustrating as we watch this frankly reckless irresponsible political positioning go
as the guy that is the tax cutter. has he tored in the republicans -- factored in the republicans have control of the budget with the debt ceiling? >> i think the president is beginning to see the long-term consequences if we do increase taxes. we maybe ought to do a little celebrating here. democrats are now on board that 98% of bush's tax cuts were a good thing for america and for the economy. let's at least chalk that up as a win. i agree with senator toomey, right now unfortunately...
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it would maphase in tax hikes or the years and prioritize spending cuts. he says he's frustrated and tried to do something. >> it was crossing the wires it's more than frustration it sounds like desperation at this point as they are losing hope. the chained cpi the social security adjustment you were talking about basically changes the way they configure the cost of living and would make those benefits smaller checks. does it sound like republicans are willing to let that go? >> seems like they are willing to let that go. senator mcconnell says no stumbling block should cutff this deal. when the democrats protested they said fine take it off the table but it talks like reed and the republican leader got stuck. they called in the bullpen. called in a senate colleague vice president joe biden. >> willing to work with whoev er can help. it remain as possible sticking point. appears to be a willingness and interest or the courage to close the deal. >> top on the republican side sound hopeful because they believe vice president biden can cut a deal but it may n
it would maphase in tax hikes or the years and prioritize spending cuts. he says he's frustrated and tried to do something. >> it was crossing the wires it's more than frustration it sounds like desperation at this point as they are losing hope. the chained cpi the social security adjustment you were talking about basically changes the way they configure the cost of living and would make those benefits smaller checks. does it sound like republicans are willing to let that go? >>...
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katherine, why was this tax overturned? >> it was overturned because the court said it failed to rec recognize equality before public burden. what this means is it has been applied to individuals rather than households. the court knows this top rate would have applied to a married couple, for example, if one member was in that upper income bracket. well, if it turned just under, then the 75% rate would not apply. in essence, this was thrown out on a technicality. if was a poorly worded law that just didn't pass the constitutional barrier. >> you know, it is kind of confusing. the president actually campaigned on this75% tax. what happened, and will he try to get it reinstated? >> you are quite right. he made this a key platform of his manifesto. he has gone all out on this, and he even dressed up the tax as an act that the way france's rich could help during harsh economic times. he has not backed down and in fact in the last few hours the officials have said the law will be redrafted to conform with the court ruling and wi
katherine, why was this tax overturned? >> it was overturned because the court said it failed to rec recognize equality before public burden. what this means is it has been applied to individuals rather than households. the court knows this top rate would have applied to a married couple, for example, if one member was in that upper income bracket. well, if it turned just under, then the 75% rate would not apply. in essence, this was thrown out on a technicality. if was a poorly worded...
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also an estate tax. there was some back and forth late in the day whether there was going to change but the framework had the estate tax at $10 million exception per couple with additional inheritance at 40%. tax credits for stimulus. business tax credits and a doc fix stopping 27% reduction in payments to medicare providers using spending cuts as offsets. in addition to that, ed, you are saying the sequester which is the across-the-board cuts would be essentially put off for a couple of months. >> delayed. >> and that sets up the second fiscal cliff battle that washington will deal with and that is over the debt ceiling. explain that for folks who may not be following it. >> exactly. and you are right to point that out because these are two more battles really colliding with one another. kicking the can down the road, both parties on the sequester. two months from now we back here dealing with again whether or not they can come up with more spending cuts, more tax increases according to how the presiden
also an estate tax. there was some back and forth late in the day whether there was going to change but the framework had the estate tax at $10 million exception per couple with additional inheritance at 40%. tax credits for stimulus. business tax credits and a doc fix stopping 27% reduction in payments to medicare providers using spending cuts as offsets. in addition to that, ed, you are saying the sequester which is the across-the-board cuts would be essentially put off for a couple of...
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>> okay, if you tax people over $250,000. >> wait a second, okay. >> tax them over a million, you might bring in on the best of years, you might bring-- wait a second you might bring in 80 billion dollars for a year. 60 billion of that is already spoken for in storm damage relief hurricane sandy. you're doing nothing towards getting a deficit situation solved, nothing at all. >> that's it. >> and you slow the economy and the deficit is worse in the future. >> and the republican party say that we shouldn't have-- we're talking. >> what? >> rate-aphobes, and grover cleveland or whatever-- >> that's the president. >> and took millions off the roles, 0 probable did and a fair 10% tax bracket and-- >> and a lot of those people-- why do you jeopardize all of the tax cuts for rich people? >> people who understand this think that that defense is disgusting, for ten years all they said was that president bush only provided tax cuts that benefitted the rich. that was a talking point for years. all of a sudden, it's like, oak, well, he we didn't mean that. >> a lot of that was true. >> and in the
>> okay, if you tax people over $250,000. >> wait a second, okay. >> tax them over a million, you might bring in on the best of years, you might bring-- wait a second you might bring in 80 billion dollars for a year. 60 billion of that is already spoken for in storm damage relief hurricane sandy. you're doing nothing towards getting a deficit situation solved, nothing at all. >> that's it. >> and you slow the economy and the deficit is worse in the future. >>...
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included the child tax credit and earned income tax credit and college tuition tax credit and the doc fix. this is -- it stops a 27% rehe ducks in payments to medicare providers using spending cuts as offsets. the other thing this takes care of at least temporarily we are told is dealing with the sequester which is across-the-board cuts that would hit the pentagon particularly hard but also domestic spending. we are told that there will be a two month hold off to that. and we don't know if there is an offset to try to offset that with additional spending cuts. we haven't heard that. that is what republicans were pushing for. joining me now up on capitol hill, our congressional producer chad. i think i went through that okay. >> i think you did. i think you did. i tell you the tough thing is going to be as you say the spending cuts. that is the devil in the details and that is what the house republicans will be looking for. as i talked to one house republican today, a senior member, he said look, you know, we may be better just dealing with the sequester because that gets us to spendin
included the child tax credit and earned income tax credit and college tuition tax credit and the doc fix. this is -- it stops a 27% rehe ducks in payments to medicare providers using spending cuts as offsets. the other thing this takes care of at least temporarily we are told is dealing with the sequester which is across-the-board cuts that would hit the pentagon particularly hard but also domestic spending. we are told that there will be a two month hold off to that. and we don't know if...
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that is tax cut over 250, it's a tax increase. senator mcconnell may be trying to move that to $400,000. >> arthel: and then the notion of lowering social security payments is definitely off the table in terms of democrats' side? >> it's clear from senator reid said, they are not going to touch social security. but the president has made clear in discussions with speaker boehner, these entitlement programs will be on the table but only if it's a broader debt deal. republicans have different ideas. they want to see more cuts in spending right now. >> arthel: thank you very much. >> gregg: congress is not only facing a fiscal cliff, it's up a dairy clarify, if you will. the current farm bill is set to expire on new year's day. if an extension of that is not passed, the farm policies would revert to laws back to 1949 and cost of milk, that could skyrocket. back then the government used a formula to calculate dairy prices that is much more expensive than it is today. one option said to be on the table is short term extension that woul
that is tax cut over 250, it's a tax increase. senator mcconnell may be trying to move that to $400,000. >> arthel: and then the notion of lowering social security payments is definitely off the table in terms of democrats' side? >> it's clear from senator reid said, they are not going to touch social security. but the president has made clear in discussions with speaker boehner, these entitlement programs will be on the table but only if it's a broader debt deal. republicans have...
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tax increases, massive tax reductions to the military. republicans really stand and the notion is appalling about who wins, but the republicans win because the economy is going to go out yet another fiscal cliff. george w. bush is not the president. obama is the president, he is not putting forth proposals to work with republicans. he will have to take ownership of this. they need to come up with a cohesive message about real economic growth and shrinking the size of government. they don't have a message and that is going to be the big question about who wins and long-run. jon: if we go over the cliff, i mean, everyone's paycheck, just about -- come january 1, it will be shrunk because government is going to be taking a much bigger chunk out of it. that will infuriate people. are they going to be blaming president obama? >> well, they won't be blaming president obama because polls show that they are blaming republicans. republicans are not really coming to the table. we had an election, and we had an election where voters clearly supporte
tax increases, massive tax reductions to the military. republicans really stand and the notion is appalling about who wins, but the republicans win because the economy is going to go out yet another fiscal cliff. george w. bush is not the president. obama is the president, he is not putting forth proposals to work with republicans. he will have to take ownership of this. they need to come up with a cohesive message about real economic growth and shrinking the size of government. they don't have...
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that fica tax break we received the last two years, so, you know, the tax increases inasmuch as you think, but we push these things to crisis because the politicians, the lobbyists every chance to donate to their campaign and that's why everything is a crisis. three out of the last four years we've gone into the new year not knowing what the tax rates are, and i will be particularly disappointed if we get a 12-month patch and get to do it again the end of this year. >> well, you know, we have the spending cuts, we have the tax increases and we also have this debt selling, hit the 16.4 trillion dollar federal debt limit monday, december 31st according to the treasury department, extraordinary measure has to take place, to continue borrowing, how will the markets react to that? >> well, you know, that's another thing that i believe we just want to start getting some fatigue from this news and it being the news event of the day. news events have no long-term impact on stock prices. while they may go down in the short-term, i would use that as a buying opportunity to get your money empl
that fica tax break we received the last two years, so, you know, the tax increases inasmuch as you think, but we push these things to crisis because the politicians, the lobbyists every chance to donate to their campaign and that's why everything is a crisis. three out of the last four years we've gone into the new year not knowing what the tax rates are, and i will be particularly disappointed if we get a 12-month patch and get to do it again the end of this year. >> well, you know, we...
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tax. we are hearing that in the talks on the fiscal cliff there may be a permanent fix to the alternative minimum tax. so it protects the middle class from his alternative tax system which basically was even nactd 1969 so the rich pay some kind of tax. but it's not indeksd to inflation every year. congress has to enact a patch to that. but without it h ann r block is putting out a warning say 28 million of you would have to pay the alternative minimum tax. it's $86 billion. h & r block says if you are expect a tax refund next april if you make $85,000 and you have got two kids. with this tax your refund check could turn into a $1,400 tax bill. but even without the fiscal cliff deal, here is what people's tax rates would look like if there was no deal. you will see the income levels to the left, the current tax bill owed and if the fiscal cliff hits you can see the increase there. the difference is pretty substantial. even down to the $250,000. separate from all this, in health reform we ar
tax. we are hearing that in the talks on the fiscal cliff there may be a permanent fix to the alternative minimum tax. so it protects the middle class from his alternative tax system which basically was even nactd 1969 so the rich pay some kind of tax. but it's not indeksd to inflation every year. congress has to enact a patch to that. but without it h ann r block is putting out a warning say 28 million of you would have to pay the alternative minimum tax. it's $86 billion. h & r block says...
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higher taxes, capital gain taxes because we don't have any clear picture yet on what reid and mcconnell might be crafting. >> harris: wow. people getting out of market suddenly. which companies stand to lose if that happens? >> this is a really interesting list of companies that was actually compiled by goldman sachs. we were reporting this today. these are companies that get 50% of their sales, or more, from the u.s. government. deals of the government. lockheed martin, granted construction. grumed. saint jude medical. motorola, waste manage: these are companies that not only have big contracts with the government but employ a lot of people who should these contracts not be renewed to the extent they are right now. those employees could be facing an uncertain future. >> harris: wow, at a time when we're still trying to generate enough jobs to break even at the end of the month. >> that's right. >> harris: adam shapiro, thank you. three police officers recovering from a rampage that played out inside their police station. it happened in southern new jersey. they say a man police had arr
higher taxes, capital gain taxes because we don't have any clear picture yet on what reid and mcconnell might be crafting. >> harris: wow. people getting out of market suddenly. which companies stand to lose if that happens? >> this is a really interesting list of companies that was actually compiled by goldman sachs. we were reporting this today. these are companies that get 50% of their sales, or more, from the u.s. government. deals of the government. lockheed martin, granted...
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details on a brand-new sales tax. and senator libbedy graham has been an outspoken critic of president barack obama for years. but what is he saying today? >> if the president doesn't deal with this, he is a lousy commander in chief. [ male announcer ] how do you measure happiness? by the armful? by the barrelful? the carful? how about...by the bowlful? campbell's soups give you nutrition, energy, and can help you keep a healthy weight. campbell's. it's amazing what soup can do. time for citi price rewind. because your daughter really wants that pink castle thing. and you realldon't want to pay more than you have to. only citi price rewind automatically searches for the lowest price. and if it findone, you get refunded the difference. just use your citi card and register your purchase online. have a super sparkly day! ok. [ male announcer ] now all youeed is a magic carriage. citi price rewind. start saving at citi.com/pricerewind. >>> you are not only going to cut your way to prosperity. >> we have not seen the leade
details on a brand-new sales tax. and senator libbedy graham has been an outspoken critic of president barack obama for years. but what is he saying today? >> if the president doesn't deal with this, he is a lousy commander in chief. [ male announcer ] how do you measure happiness? by the armful? by the barrelful? the carful? how about...by the bowlful? campbell's soups give you nutrition, energy, and can help you keep a healthy weight. campbell's. it's amazing what soup can do. time for...
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what are those tax increases? bush tax cuts expire at midnight tomorrow night and you'll wake up the next morning and face a higher tax rate unless congress acts. there's also a possibility of a $108 billion in spending cuts. this is largely the defense department as we talked about and also money that ends up in people's pockets. there's an economic impact. >> i misspoke, i said tuesday at midnight. tomorrow at midnight. >> yes, december 31. >> the money is personal for people. you start to talk about budging a household. for the average family? >> 3500 bucks is the income tax hit. >> above what they're paying. >> and additional 3500 for median income. that goes up dramatically the wealthier you are. tens of thousands of dollars more. you could on the hook for a real hit. >> the argument is the wealthy won't feel it but they won't spend it either. >> that's the point. a lot of those people paying higher taxes own small businesses and will opt not to hire and it will ripple through the economy. >> it hurts when i
what are those tax increases? bush tax cuts expire at midnight tomorrow night and you'll wake up the next morning and face a higher tax rate unless congress acts. there's also a possibility of a $108 billion in spending cuts. this is largely the defense department as we talked about and also money that ends up in people's pockets. there's an economic impact. >> i misspoke, i said tuesday at midnight. tomorrow at midnight. >> yes, december 31. >> the money is personal for...
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clearly, i don't want taxes to go up. taxes shouldn't go up on anyone. but to only raise taxes on those who are the top earners will only fund the government something like eight days. this is something that the american people need to understand and recognize. there are big failures going on in washington and people need to take notice and hold our politicians accountable. >> arthel: michael? >> if she's right and it's only eight days, why would the republicans hold every american taxpayer hostage for eight days' worth of a deal? there should be a deal on the tax part. it should happen in the next few hours. this is an artificial deadline created by a bunch of politicians two summers ago because they couldn't consume to an agreement. so that's why we're here on the new year's eve trying to figure out how not to have taxes go up by 99.7% of americans, which is what will happen come new year's day. that's why i think you're going to get it. the politician doesn't want to be the one to say i created the largest tax hike in history. >> arthel: so michael, w
clearly, i don't want taxes to go up. taxes shouldn't go up on anyone. but to only raise taxes on those who are the top earners will only fund the government something like eight days. this is something that the american people need to understand and recognize. there are big failures going on in washington and people need to take notice and hold our politicians accountable. >> arthel: michael? >> if she's right and it's only eight days, why would the republicans hold every american...
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tax code and if they bring it back they're getting whacked with tax code. we need friendly tax environment for corporations to spend the $1.2 trillion they're sitting on. gregg: if we go over the cliff that is not tax friendly. matt mccall, president of pns financial group. good to see you, matt. heather: we're seeing a bright spot in the u.s. economy. qord according to national association of realtors sales of new home were highest since april of 2010. a homebuyer tax credit caused then a spike in sales. it measures the number of americans who signed contracts to buy homes. the report also points to higher sales of previously occupied homes in the coming months. gregg: former president george h.w. bush remains in a houston hospital where he continues to recover from a persistent fever and a cough. a family spokesman just giving us some, a new details, an update on his condition. mike tobin is live outside methodist hospital with the latest. mike? >> reporter: the latest, gregg, the latest release we got included the phrase, continues to improve in relation
tax code and if they bring it back they're getting whacked with tax code. we need friendly tax environment for corporations to spend the $1.2 trillion they're sitting on. gregg: if we go over the cliff that is not tax friendly. matt mccall, president of pns financial group. good to see you, matt. heather: we're seeing a bright spot in the u.s. economy. qord according to national association of realtors sales of new home were highest since april of 2010. a homebuyer tax credit caused then a...
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no tax increases people below, but taxes for people above. he won. 60% of the voters said they were for it in the the exit polls, including some republicans. >> reporter: the president is still vacationing here in hawaii. white house officials are privately making it clear that you heard him last friday before he left the white house, i'll see you next week. if there is not some sort of christmas miracle and some sort of a deal over the next 24 hours very likely we'll see the president get on air force one in the next couple of days, right after christmas and head back to washington to find some sort of solution, kelly. kelly: hopeful people are following his advice and listening to christmas carols, drinking eggnog and talking to constituents. jaime: mistletoe extract could be good for your health. we'll talk about that. can bolt sidecan both sides bridge the gap before it's too rate or does one side want us to go off the fiscal cliff? washington insiders weigh in next. we'll be right back. with the spark miles card from capital one, thor ge
no tax increases people below, but taxes for people above. he won. 60% of the voters said they were for it in the the exit polls, including some republicans. >> reporter: the president is still vacationing here in hawaii. white house officials are privately making it clear that you heard him last friday before he left the white house, i'll see you next week. if there is not some sort of christmas miracle and some sort of a deal over the next 24 hours very likely we'll see the president...
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would pay more in payroll taxes. families making between 40 and $65,000 a year would pay an extra two grand or so to the government. gregg: the big question, do lawmakers hope to get anything out of the last minute fiscal cliff talks or is it just for show? democratic congressman chris van hollen is the ranking member of the house budget committee. he will be joining us live coming up in the next hour what he really thinks is going on. patti ann: well the u.s. economy meanwhile could suffer yet another major blow. looming strikes at ports from next sass to boston are threatening to put thousands of americans out of work. with potential losses for u.s. businesses ranging in the billions. >> the port of baltimore is one of maryland's largest economic generators. any type of work action that may result in a suspension or stoppage of work would have an adverse effect. >> we handle more cars, we handle more farm and construction equipment than any other u.s. port. patti ann: we're learning that adverse effect could take a
would pay more in payroll taxes. families making between 40 and $65,000 a year would pay an extra two grand or so to the government. gregg: the big question, do lawmakers hope to get anything out of the last minute fiscal cliff talks or is it just for show? democratic congressman chris van hollen is the ranking member of the house budget committee. he will be joining us live coming up in the next hour what he really thinks is going on. patti ann: well the u.s. economy meanwhile could suffer yet...
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the other tax, medical device tax, 2.8%, gross receipts tax on medical devices. that means whether the company makes money or not, it is still taxed at that 2.8% rate. and then finally, there is the 3.8% unearned income tax. they will get hit with that on capital gains and dividends. so these are major changes in tax policy that crept up on most people unawares because we've been focused on the other stuff. >> dave: yeah. that medical device tax in particular really hurts because it might stifle innovation, research and development. that's the last thing our medical industry can afford. but i want to ask you about this fiscal cliff. it appears, for at least the time being, john boehner is on the side line letting something get hashed down in the senate between mitch mcconnell and joe biden right now. let's just say if a deal comes out of the senate that puts this tax increase around half million dollars threshold, say it has satisfactory spending cuts, is there still any chance that type of bill gets enough republican support in the house to get signed into law a
the other tax, medical device tax, 2.8%, gross receipts tax on medical devices. that means whether the company makes money or not, it is still taxed at that 2.8% rate. and then finally, there is the 3.8% unearned income tax. they will get hit with that on capital gains and dividends. so these are major changes in tax policy that crept up on most people unawares because we've been focused on the other stuff. >> dave: yeah. that medical device tax in particular really hurts because it might...
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tax rates go up on everybody on january the 2nd. everybody in the country will get a tax increase. we are going over the fiscal cliff. it will destroy our military. the first things first, let's avoid going over over the cliff. there is a deal to be had somewhere between 400,000 and 500,000 on rates. let's make sure sure we put it and the deficit. you better hope that democrats and republicans say we are not going to borrow any more money. that means adjusting the age or medicare. means testing for medicare and social security and cpi adjustments for the rate of inflation. that's what i want to raise the debt ceiling. in august 2nd of this past year 2011 we borrowed $2.1 trillion the last time we raised the debt ceiling and we've gone through that money in 17 months. we are burning money up here and it has to stop. uma: some folks are saying, why not just go over the cliff and let the country deal with it as the chips fall on that one, because some believe it's the only way to force president obama and the senate democrats to agree on fundamental tax reform. what do you think about
tax rates go up on everybody on january the 2nd. everybody in the country will get a tax increase. we are going over the fiscal cliff. it will destroy our military. the first things first, let's avoid going over over the cliff. there is a deal to be had somewhere between 400,000 and 500,000 on rates. let's make sure sure we put it and the deficit. you better hope that democrats and republicans say we are not going to borrow any more money. that means adjusting the age or medicare. means testing...
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but also things like the alternative minimum tax, not to forget payroll tax. none of that is addressed in legislation, is that? >> literature that i've read through, i don't see any attention being paid to that. quite frankly, i am surprised that more hasn't been paid to taxes and spending earlier on. here we are in the last inning, trying to avoid going over the debt ceiling by issuing low-priced treasury securities, suspending those so that we don't hold the debt ceiling. we don't want breathing room until february. we want to have a plan in place that outlines a good plan. greg: procrastinators in washington dc -- they don't do anything unless they have to, right? >> it seems that way. it's unfortunate because i don't realize the exact ramifications. greg: thank you so much for joining us. happy holidays. >> happy holidays to you as well. heather: coming up, the person sentenced to death and then set free for converting from muslim to christianity. more coming up next. greg: a look at some crazy new laws in the books for 2013 heather: a changing of the guar
but also things like the alternative minimum tax, not to forget payroll tax. none of that is addressed in legislation, is that? >> literature that i've read through, i don't see any attention being paid to that. quite frankly, i am surprised that more hasn't been paid to taxes and spending earlier on. here we are in the last inning, trying to avoid going over the debt ceiling by issuing low-priced treasury securities, suspending those so that we don't hold the debt ceiling. we don't want...
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tax. it's hitting the single mothers, not the quote unquote the rich. it affects all of us. gregg: obamacare taxes will begin for individuals earning more than 200,000 and couples morning here than $250,000. >> most people think this doesn't affect me. this could trickle down, a lot of people in this bracket are the ones who have small businesses. so if they are getting hit more with higher taxes i'll see possibly layoffs of one or two people, multiply that by tens of thousands small businesses you'll see the consumer spend less. gregg: congress can handle it individually because the president signed an executive order giving them all pay raises. >> it's true. gregg: unbelievable. heather. heather: coming up president obama facing another key test as he approaches the start of his second term. the ongoing battle now turning to america's ports, as a strike deadline fast approaches. doug mcelway live from washington. doug, the complaints of longshoreman whose strike was temporarily averted l
tax. it's hitting the single mothers, not the quote unquote the rich. it affects all of us. gregg: obamacare taxes will begin for individuals earning more than 200,000 and couples morning here than $250,000. >> most people think this doesn't affect me. this could trickle down, a lot of people in this bracket are the ones who have small businesses. so if they are getting hit more with higher taxes i'll see possibly layoffs of one or two people, multiply that by tens of thousands small...
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>> higher taxes and entitlement cuts. harris: before you go, i hear a huge however, in all of this and that's because the only thing you say would slow down a positive outlook is the federal government getting in the way. you know they're pretty good at that. >> look what happened, not only 12 months but really the last almost four years the economy should have been on a natural high. it has its own momentum, its own natural growth. unemployment has been historically terrible on these kind of recoveries. washington interfering with the natural growth of the economy. we do need to get them out of the way. we need them to make decisions give ground rules and make a head of steam. harris: you call white house, call congress, let us know how it works out. >> i've been down to washington and talked to political leaders. everybody is in one camp or the other. somebody has to give. we hope they compromise soon. harris: dominic, thank you, a financial advisor giving us advice today. thank you. >> have a great day. harris: you too
>> higher taxes and entitlement cuts. harris: before you go, i hear a huge however, in all of this and that's because the only thing you say would slow down a positive outlook is the federal government getting in the way. you know they're pretty good at that. >> look what happened, not only 12 months but really the last almost four years the economy should have been on a natural high. it has its own momentum, its own natural growth. unemployment has been historically terrible on...
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estate tax. 10 years ago we passed a bill that phase the out the estate tax. this bill basically brings it back with 40% tax rate but for those out there who have, you know, seniors and their family the exemption now level would be $5 million at the time of death. rick: the amt, alternative minimum tax, that really never been right because it affects more and more americans each and every year. >> right. rick: not americans who were intended to be targeted when this thing was put in place years ago but there is a permanent patch now to fix that. that has to be good news for a lot of folks? >> that is very good news. this is a tax if we hadn't fixed this, rick, we would have been talking about 26, 27 -- 27 million americans paying the alternative minimum tax. we have this debate every 15 years. rick: every year. >> we have to extend the alternative tax to make sure not to hit middle class families. we have permanent fix, indexes for inflation adjustments. i view that as very good news for the midd
estate tax. 10 years ago we passed a bill that phase the out the estate tax. this bill basically brings it back with 40% tax rate but for those out there who have, you know, seniors and their family the exemption now level would be $5 million at the time of death. rick: the amt, alternative minimum tax, that really never been right because it affects more and more americans each and every year. >> right. rick: not americans who were intended to be targeted when this thing was put in place...
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, he got $3 worth of tax cuts for every $1 in tax hikes. the tax cuts never came. however -- and this is the ratio right now. as juliet mentioned. 4 # 2-1. $42 in new tax hikes to every dollar in spending cuts. a lot of conservatives do not like that. that is not a good deal to them. >> the house has not voted yet. this is going to be in their hands at this point. john boehner is like we've got to look at things. it's not going to happen overnight. >> it seems like a couple of weeks ago but it was about a week ago when the house of representatives voted on boehner's plan b which would have set the threshold at $1 million. now they're going to vote on it at $450,000. you've got to figure a lot of republicans aren't going to go along. >> what exactly happened? we're going to go over this in detail with chad who saw the play-by-play and was e-mailing us the play-by-play. mitch mcconnell called up -- bypassed senator reid who never got back to him on saturday and said can i speak to the vice president, joe biden? we're used to cutting deals tog
, he got $3 worth of tax cuts for every $1 in tax hikes. the tax cuts never came. however -- and this is the ratio right now. as juliet mentioned. 4 # 2-1. $42 in new tax hikes to every dollar in spending cuts. a lot of conservatives do not like that. that is not a good deal to them. >> the house has not voted yet. this is going to be in their hands at this point. john boehner is like we've got to look at things. it's not going to happen overnight. >> it seems like a couple of weeks...
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you know, for extending the bush tax cuts, is it 250,000 and above, that you let the taxes go up, is it 400, 500,000, ultimately what it comes down to, harry reid says i can get enough votes from democrats to support this plan. >> and democrats say and republicans say that would be about the 1 percent-ers, so-called 1 percenters would hit that 400,000 a year maybe higher, up to 500,000, what revenue does this generate? we've been hearing about this for a long time. what does it actually generate? well, if we take about 12.4 days to run the federal government, that's the amount of money extra that the government would bring in to run the federal government. that's how much we spend in 12 days. so, all of this fighting back and forth, that's why so much is being said or lack of-- i guess i should say, lack of being said about cuts. and the real way we can grow this economy is cuts. get all of this out of control spending in place first. >> dave: right, and just the conversation alone that we're now having, the american people are the loser in this deal because none of this talk is abou
you know, for extending the bush tax cuts, is it 250,000 and above, that you let the taxes go up, is it 400, 500,000, ultimately what it comes down to, harry reid says i can get enough votes from democrats to support this plan. >> and democrats say and republicans say that would be about the 1 percent-ers, so-called 1 percenters would hit that 400,000 a year maybe higher, up to 500,000, what revenue does this generate? we've been hearing about this for a long time. what does it actually...
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estate taxes. >> juliet: yeah. >> there are payroll tax issues. there's a whole host of alternative minimum tax that are important to small business owners. i have a lot of family business owners where the estate tax is very important to them. >> juliet: all right. bob russell, we appreciate you joining us today. it's obviously something that we all will be watching intently here at fox news channel. happy new year. all righty, coming up from the ice ages, punishment f, and banning bibles, the culture wars making news in 2012. we'll be right back. ♪ bye-bye miss american pie ♪ ♪ drove my chevy to the levee, but the levee was dry ♪ ♪ you lose through diet and exercise, alli can help you lose one more by blocking some of the fat you eat. let's fight fat with alli. ♪ >> and welcome back. as 2012 comes to a close, let's take a look at part two of some of the most important culture stories, clicked on the most on foxnews.com. >> dave: and fox radio correspondent here with a recap. todd, we remember the ice ages, essentially punished for doi
estate taxes. >> juliet: yeah. >> there are payroll tax issues. there's a whole host of alternative minimum tax that are important to small business owners. i have a lot of family business owners where the estate tax is very important to them. >> juliet: all right. bob russell, we appreciate you joining us today. it's obviously something that we all will be watching intently here at fox news channel. happy new year. all righty, coming up from the ice ages, punishment f, and...
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a new tax coming out. the tax will be put on devices that range from mri's to prosthetics and items in every doctor's office and veterinary offices. it will be passed alongg to consumers and manufacturers say it will result in job loss and stifle innovation and upon send jobs over seas. we went to one manufacturer. adm electronics that employs 19 people to ask them what it means for their industry. >> your company is about to be hit with a 2.3 percent tax on medical devices. >> it means more. it is on gross sales and that can hurt the number of people working for us and number of sales and increase the costs of our device. >> this is a family run business and been in business 40 years. how does it plea out for your company? >> we tried not to lose our employees because we are like family and the devastating impact we may not be able to sustain the number of employees. >> we might have to lay someone off which i have never done before. it is it a tough thing to have to tell somebody. you have no job. >> and
a new tax coming out. the tax will be put on devices that range from mri's to prosthetics and items in every doctor's office and veterinary offices. it will be passed alongg to consumers and manufacturers say it will result in job loss and stifle innovation and upon send jobs over seas. we went to one manufacturer. adm electronics that employs 19 people to ask them what it means for their industry. >> your company is about to be hit with a 2.3 percent tax on medical devices. >> it...